UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 12, 2016
PacWest Bancorp
(Exact Name of Registrant as Specified in its Charter)
Delaware |
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001-36408 |
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33-0885320 |
9701 Wilshire Blvd., Suite 700 |
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90212 |
(310) 887-8500
(Registrants telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
On May 13, 2016, PacWest Bancorp (the Company) issued a press release announcing that Pacific Western Bank (the Bank), a wholly-owned subsidiary of the Company, had entered into an agreement with the Federal Deposit Insurance Corporation (the FDIC) to terminate all existing loss share agreements with the FDIC as of May 12, 2016. These loss share agreements were entered into by the Bank in 2009 and 2010 in conjunction with the Bank acquiring substantially all of the assets and assuming substantially all of the liabilities of two failed banks in FDIC-assisted acquisitions and in conjunction with the Bank assuming the loss share agreements of two failed banks pursuant to its acquisition of First California Bank in May 2013.
The press release issued by the Company announcing these matters is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press release dated May 13, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PacWest Bancorp | |
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Date: May 13, 2016 |
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By: |
/s/ Lynn M. Hopkins |
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Name: |
Lynn M. Hopkins |
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Title: |
Executive Vice President |
Exhibit 99.1
PRESS RELEASE
PacWest Bancorp
(NASDAQ: PACW)
Contact: |
Matthew P. Wagner President and CEO |
Patrick J. Rusnak Executive Vice President and CFO |
Phone: |
310-887-8520 |
714-989-4705 |
FOR IMMEDIATE RELEASE |
May 13, 2016 |
PACWEST BANCORP ANNOUNCES EARLY TERMINATION OF ALL FDIC LOSS SHARE AGREEMENTS
Los Angeles, California . . . PacWest Bancorp (the Company) (Nasdaq: PACW) announced today that Pacific Western Bank (the Bank), a wholly-owned subsidiary of the Company, had entered into an agreement with the Federal Deposit Insurance Corporation (the FDIC) to terminate all existing loss share agreements with the FDIC as of May 12, 2016. These loss share agreements were entered into by the Bank in 2009 and 2010 in conjunction with the Bank acquiring substantially all the assets and assuming substantially all the liabilities of two failed banks in FDIC-assisted acquisitions and in conjunction with the Bank assuming the loss share agreements of two failed banks pursuant to its acquisition of First California Bank in May 2013. The Company paid the FDIC $7.9 million to terminate the agreements. The Company will record an after-tax charge of approximately $3.7 million in the second quarter to write-off the remaining loss sharing asset, relieve the claw-back liability and recognize the payment to the FDIC.
The termination of the FDIC loss share agreements has no effect on the yields of the loans that were previously covered under these agreements. Further, the Bank will be solely responsible for all future charge-offs, recoveries, gains, losses and expenses related to the previously covered assets because the FDIC will no longer share in those amounts.
ABOUT PACWEST BANCORP
PacWest Bancorp (PacWest) is a bank holding company with $21 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (Pacific Western). The Bank has 79 full-service branches located throughout the state of California and one branch in Durham, North Carolina. Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. Pacific Western offers additional products and services through its CapitalSource and Square 1 Bank divisions. CapitalSource provides cash flow, asset-based, equipment and real estate loans and leases and treasury management services to established middle market businesses on a national basis. Square 1 Bank offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information
about PacWest Bancorp, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.
Contact information:
Matt Wagner, Chief Executive Officer, (310) 887-8520
Pat Rusnak, Executive Vice President and CFO, (714) 989-4705